Re: zig zag swing formula in Fchart
I am extremly sorry for syntax error. Please rectify the formulas as follows:-
For Buy:-
Condition 1 : +DI > -DI AND +DI[1] < -DI[1] AND ADX > 35 AND %K < 40
For Sell :-
Condition 2 : CLOSE < LOW[1]
For Short:-
Condition 3 :+DI < -DI AND +DI[1] > -DI[1] AND ADX > 35 AND %K > 60
For Short to cover:-
Condition 4 : CLOSE > HIGH[1]
Please give me your feedback.
Cheers
Himadri
Dear Sir,
Thanks a lot for your help. But sir, this formula is giving very less signals and not working as expected, So I require another formula as below:
Buy = Close > High of Previous 5 Days
Sell = Close < Low of Previous 5 Days
Another Formula
This is the formula for finding a long entry.
VOLUME > 100000 AND MACD15 >MACD15_5 AND STO12_K < 20 AND IQC_1=1
We’ll dissect the formula into one expression at a time:
1. VOLUME > 100000 means we’ll look only at stocks that trade with volume greater than 100000. (This can be modified to trader’s requirements).
2. MACD15 > MACD15_5 means today’s 15-day MACD is above the MACD five ago. This is set to determine the short term trend direction.
3. STO12_K < 20 is Stochastics line is below the 20% line. This is to indicate the reading is at oversold; when the run-up is followed by a consolidation, an oversold reading occurs. Basically it’s to find a pullback to make the entry.
4. CLOSE > CLOSE1 means the current day’s close is higher than the previous day’s close. This is purely price action-based of the past few bars to find the right momentum. Indicators many times don’t reflect the true nature of the price action and this substitutes it. The CLOSE higher than the previous day identifies who are stronger: the buyers or the sellers. Closing higher identified the buyers as stronger; this helps confirming the indicators. The important concept to understand is that the price must confirm the indicators and vice versa.
5. HIGH > HIGH1 means the current day’s high is higher than the high of the previous day. This is to find the momentum when it’s about to move in the right direction: up. A higher high shows a positive mood of the buyers in pushing it higher. Positive price action must be present to confirm the indicators.
For short scan, here’s the formula:
VOLUME1 > 100000 AND MACD15_1 < MACD15_5 AND STO12_K > 80 AND IQC_1=1
Combining the timing and trend indicators and using price action to confirm them will increase the probability of a trade going the right way. Finding the trend and then finding the right moment to enter is the essence of a winning strategy. This scan will help identify those stocks that are ready to move.
